Universal Display (NASDAQ: PANL) is under pressure Monday, which could be related to cautious commentary from analysts at Canaccord Genuity, noting mixed data points during almost a full week of OLED-related meetings throughout Korea and Taiwan and the need for Wall Street to reset expectations.

The firm sees $5.6 million in green host/dopant business for Samsung's M4 OLED structure set to ramp in two lines beginning in Q4. The firm said this is $5-10M below Street expectations and will likely result in 2012 sales of between $90 and $100M – in line with PANL's guidance, but below consensus.

Canaccord also said meetings confirm the TV opportunity has been pushed out by one to two years. "While OLED TVs will be launched in niche high-end markets in 2013, both OEMs realize the difficult path to cost parity and seem more pragmatic than Wall Street," the analyst commented.

Also, several Korean companies confirmed discussions with UDC regarding local manufacturing for green host materials. "While this could limit revenue upside, it may help solve the margin issues of the more commoditized host materials business."

Overall, the firm said that while Street expectations seem disconnected with the near term, "we do agree with the strategic decisions UDC is making to position the company longer term."

The firm maintained a Hold rating and price target of $30.00.

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